Knowing Your Risk Tolerance

Stock markets can be wildly unpredictable, but knowing your risk tolerance will set you up for success

There is no doubt this has been a very difficult year for investors. As the economic situation here at home and around the world continues its bumpy ride, we are all left feeling a bit helpless, and concerned about our own financial security and well-being.

To help reassure you, I thought I would take a few minutes to remind you of some of the steps you have taken to protect your assets.

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What will 2009 hold for my investments?

29DEC2009 – Looking back on the last half of 2008, it has been a scary time in the market for investors. Some analysts say this has been the worst bear market since the 1930s. Yet, as the holiday season passes, I still see people spending money like its going out of style, and not concentrating on their future.

For 2009, I encourage people to choose the FUTURE! Set yourself up for success by saving and investing now while the markets are low.

I have included a couple of articles of what the analysts are predicting for a 2009 turn around:

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Should I open an RESP for my child?

10NOV2008 – Saskatoon – Star Phoenix “Meet RESP deposit deadline to get matching grant”

An RESP can give the next generation a head start at landing a good job and achieving financial security. The key to growing your child’s RESP is to start early and maximize the government grants each year.

For every dollar you deposit to your RESP, the government will add a 20 per cent matching Canada Education Savings Grant (CESG) of up to $500 annually to boost your savings. The grant formula is even better for low-income families.

Click here to read the full article in the Star Phoenix from November 10, 2008

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Canadian Cancer Society 2008 Statistics

Click here for the full report

  • Cancer incidence is rising in women age 20-39
  • On the basis of current incidence rates, almost 40% of Canadian women and almost 45% of men will develop cancer during their lifetimes
  • On the basis of current mortality rates, 24% of women and almost 29% of men, or approximately 1 out of every 4 Canadians, will die from cancer

Cancer in children creates a disproportionate impact on health, economic and social welfare systems, as a consequence of the loss of young lives. As well, both child and family are affected by emotional trauma and life-long consequences. Families affected by childhood cancer must often provide care for other young children in the home while attempting, at the same time, to navigate their way through the health and social welfare systems. Parents often work less or stop working altogether, which creates financial stress.

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Surgical wait time rising

Saskatchewan patients face longer delays than other Canadians

Anne Kyle, Saskatchewan News Network; Regina Leader-Post

Published: Wednesday, October 08, 2008

REGINA — Saskatchewan has the longest total surgical wait time in the country, says a report published Tuesday. The median wait time for Canadians seeking surgical or other therapeutic treatment has dropped this year to 17.3 weeks compared to 18.3 weeks last year, but Saskatchewan’s wait time rose, said the Fraser Institute report. Saskatchewan’s surgical wait time of 28.8 weeks was the longest in Canada, while Ontario recorded the shortest at 13.3 weeks. Click here for the full article.

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You can survive cancer…but can your bank account?

I recently read the article that was posted in the Star Phoenix and Leaderpost entitled “Life After Lung Cancer”. Randy Moore describes how he was healthy, he never saw it coming, and then one day BOOM, he is diagnosed with lung cancer and his whole life changes.

I love this quote he says:

I think there’s a lack of education where people don’t realize that in fact you can live if you are diagnosed with something like this [lung cancer]. So I think there should be more education.

I love it Randy Moore. You are right on with what I strongly believe. With advances in medical technology today, your chance of survival is very high. In fact the Canadian Cancer Society says you have a 55% chance of survival from cancer (includes all types). And the Heart and Stroke Foundation says you have a 95% of surviving a heart attack and an 85% chance of surviving a stroke.

So again, I put the questions out there. What are you going to do about your bills, your mortgage, your retirement fund, your child’s education, if you find yourself sick one day and realize that your provincial health plan is not covering 100% of the costs of your medication. It sure as heck isn’t covering any of the new drugs out there — as those take months/years to pass through legislation. So if you want the best and newest drugs to cure your cancer, heart attack or stroke, how are you going to afford? Do you think your doctor is going to order you back to work asap? Probably not.

You need time to heal, regain your strength, beat cancer. But can you do this with no income? Some people believe that their disability plans will cover them. But disability plans only pay out 60% of your current salary, and they don’t cover the added costs of medication and treatment.

Look at Randy Moore. Who do you think paid for his flight to Vancouver? He did. And the PET scan he talks about is not covered by most provincial health plans. The Canadian Cancer Advocacy stated in April 2008 that the average cost of a PET Scan is $22,000. I wonder how Randy Moore afforded this.

This is why Dr. Marius and Dr. Christian Barnard created critical illness insurance. It wasn’t created by actuaries and insurance people, it was created by doctors. So you can heal yourself and still pay your bills. So you don’t have to rush back to work. So you can take care of life’s money problems and only worry about getting better.

Because chances are you will survive!

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Mortgage Insurance – What the banks aren't telling you…

October 2, 2008 – The banks make it seem like the client MUST take the insurance out at the bank. When in fact, they don’t have to at all. It is not a requirement to get a mortgage…(click here to visit my blog)

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Double Jeopardy – Women and long term care

With our aging population, greater longevity, rapidly accelerating costs of care and near universal lack of preparation, long term care is not only a societal issue, but also an issue increasingly aimed at women. Why? Because when it comes to the twin risks of giving and receiving care, women fall into the significant majority of both groups. These risks often put women in great financial danger, particularly later in life.

More often than not, a woman fulfills the responsibilities of providing care. Women represent the vast majority of professional or “formal” care-givers as well as serving as the primary deliverers of “informal” home care for family members. According to Morith, “In a family with a female, it will probably be her.”

It is estimated that approximately 75 percent of those providing home care are female — most often a daughter.(2) In addition, women spend 50 percent more time giving care than men do.(3)

* When women become caregivers, they are 2.5 times more likely to end up in poverty and five times more likely to depend on Social Security.(9)

To view the rest of this article, click here.

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2008 Fall Newsletter

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